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206 foreign investors granted Jordanian nationality since October 2 — JIC

By JT - Dec 28,2020 - Last updated at Dec 28,2020

A total of 206 foreign investors have been granted the Jordanian nationality between October 2 and December 28, while the Jordan Investment Commission (JIC) is still considering 30 applications, JIC Acting Chairman Faridon Hartouqa said on Monday (JT file photo)

AMMAN — A total of 206 foreign investors were granted the Jordanian nationality between October 2 and December 28, while the Jordan Investment Commission (JIC) is still considering 30 applications, JIC Acting Chairman Faridon Hartouqa said on Monday.

The volume of granted investments had a direct impact on the national economy reaching a total of JD867 million ($1.221 billion), which contributed to employing 7,326 workers, according to a JIC statement sent to The Jordan Times.

Hartouqa said that 200 investors received the Jordanian nationality for establishing projects with a total value of JD854 million, while five investors resorted to deposits and buying Treasury bonds worth JD12 million, and one investor received the Jordanian citizenship through buying shares for JD1 million.

The acting chairman noted that the original nationalities of investors who received the Jordanian citizenship are mainly Syrian, Iraqi, Palestinian, Finnish, Canadian, Lebanese, Yemeni, US, Pakistani, Indian and Saint Kitts and Nevis.

Hartouqa added that granting the Jordanian nationality for investors in return for holding investment projects aims to stimulate the investment environment, localise investments and create jobs for Jordanians.

Granting citizenship to investors is now linked to depositing $1 million, instead of the previous $1.5 million, at the Central Bank of Jordan (CBJ) under a Cabinet decision made in December 2019.

Similar changes have been made to the second option, which will now allow investors to buy Treasury bonds valuing $1 million, instead of $1.5 million, with an interest rate to be decided by the CBJ, and for a period of at least six years.

Following the amendments, investors could buy securities at a value of $1 million, instead of the previous $1.5 million, from an active investment portfolio, in order for them to be eligible for citizenship.

Investors nowadays can also invest $750,000 in small- and medium-sized enterprises (SMEs) and for a period of at least three years instead of five years, to be eligible for the Jordanian nationality requirement.

Another possibility for obtaining citizenship is available by making a $1.5 million, in place of the previous $2 million, investment in any location in the country, or $1 million, in place of the previous $1.5 million, if the project is registered in any governorate other than Amman, provided such a project creates at least 20 job opportunities and remains operational for at least three years.

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